I'm skeptical of live action adaptations, simply because they seem to be uniformly cheesy and cheap VFX.

That said, you've got an intriguing idea here. The IRL part of SAO is all dialogue with no actual action, and that would really showcase the split between the two worlds. The idea behind Nervegear is that it's a completely new but immersive world, so that art style change wouldn't be right lore-wise, but it's still something I'd like to see.

The hard part would be making the IRL actors and their animated counterparts match, though. If SAO hadn't already been animated it'd be easier, just change the anime to match your actors, but with this there's already a preconception of what they should look like and the actors will have to be cast to match the animation instead.